Picton Mahoney Asset Management Takes $17.33 Million Position in Bank of America Co. (NYSE:BAC)

Picton Mahoney Asset Management bought a new position in shares of Bank of America Co. (NYSE:BAC) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 514,527 shares of the financial services provider’s stock, valued at approximately $17,326,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Baystate Wealth Management LLC increased its stake in Bank of America by 28.1% in the third quarter. Baystate Wealth Management LLC now owns 21,135 shares of the financial services provider’s stock valued at $579,000 after purchasing an additional 4,634 shares in the last quarter. Waldron Private Wealth LLC boosted its holdings in Bank of America by 5.9% in the third quarter. Waldron Private Wealth LLC now owns 48,715 shares of the financial services provider’s stock worth $1,333,000 after acquiring an additional 2,716 shares in the last quarter. Washington Capital Management Inc. acquired a new stake in Bank of America in the third quarter valued at approximately $840,000. Kanawha Capital Management LLC grew its stake in Bank of America by 3.0% in the third quarter. Kanawha Capital Management LLC now owns 17,116 shares of the financial services provider’s stock valued at $469,000 after acquiring an additional 500 shares during the period. Finally, NBT Bank N A NY raised its position in shares of Bank of America by 78.8% during the third quarter. NBT Bank N A NY now owns 48,562 shares of the financial services provider’s stock worth $1,330,000 after purchasing an additional 21,403 shares during the period. 70.71% of the stock is currently owned by institutional investors.

Bank of America Stock Performance

NYSE BAC traded up $0.16 on Tuesday, hitting $37.85. 29,110,563 shares of the stock traded hands, compared to its average volume of 40,598,000. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.79 and a current ratio of 0.79. The business’s fifty day moving average is $36.61 and its two-hundred day moving average is $33.31. Bank of America Co. has a 12 month low of $24.96 and a 12 month high of $38.49. The firm has a market capitalization of $295.96 billion, a price-to-earnings ratio of 13.10, a PEG ratio of 1.66 and a beta of 1.37.

Bank of America (NYSE:BAC) last posted its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The company had revenue of $25.82 billion during the quarter, compared to the consensus estimate of $25.49 billion. During the same quarter in the prior year, the company earned $0.94 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, equities analysts anticipate that Bank of America Co. will post 3.21 EPS for the current fiscal year.

Bank of America Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.54%. The ex-dividend date is Friday, June 7th. Bank of America’s dividend payout ratio (DPR) is currently 33.22%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BAC. Odeon Capital Group downgraded shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 price target for the company. in a research report on Tuesday, January 16th. BMO Capital Markets boosted their target price on shares of Bank of America from $36.00 to $37.00 and gave the stock a “market perform” rating in a research report on Thursday, April 18th. JPMorgan Chase & Co. raised their price target on shares of Bank of America from $39.50 to $40.50 and gave the company an “overweight” rating in a research report on Wednesday, May 1st. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a report on Friday, April 5th. Finally, Morgan Stanley upgraded Bank of America from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $32.00 to $41.00 in a report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Bank of America currently has an average rating of “Hold” and an average target price of $38.70.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.